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How is the Blockchain and Fashion Industry a Perfect Fit?

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If you are wondering what are the use-cases of Blockchain in the fashion industry and what its advantages are, you have landed on the right page. This article talks about the role of Blockchain in the fashion industry, also answering what the future holds for Blockchain professionals? 

Let’s delve deeper to explore. 

Table of Contents 

  • What is Blockchain Technology?
  • Ways Blockchain can Transform the Fashion Industry 
  • Wrapping Up: The Future of Blockchain

What is Blockchain Technology?

Blockchain is a peer-to-peer(P2P), decentralized distributed ledger technology that ensures that records stored cannot be forged or destroyed. The idea behind this is to provide transparency, immutability, data security, and proof that the data is secured and not altered.

Although this technology is most famous for facilitating the rise of digital currencies, there are several other non-crypto currency uses. Technocrats and Blockchain Experts believe that the technology could considerably outpace cryptocurrencies themselves in terms of its overall impact.  

Today, this distributed ledger technology is starting to be adopted by multiple industries that are keen to promote transparency, security, and ethical supply chains. One such industry is fashion. 

Are you looking for Blockchain certifications? Want to get started as a Blockchain Expert or a Blockchain Developer? Your search ends here with Blockchain Council. 

Ways Blockchain can Transform Fashion Industry

In this section, let’s explore some of the ways by which Blockchain can provide a new definition to the fashion industry.

Provide Transparency in Supply Chains 

At present majority of the supply chains are opaque. Also, the supply chain for a simple clothing item involves multiple manufacturing stages across multiple countries. 

When it comes to the fashion industry, it means it becomes difficult for brands to monitor what materials are being used while making their finished products. Here comes the role of Blockchain in tracking and maintaining a complete record of products’ journey. 

This technology can help the fashion industry to track clothes production from the raw materials to the finished product by offering complete transparency. This transparency tracking process offers producers insights into their value chain, ensuring proper third-party goods handoff and final product labeling. 

Create Solid Proofs of Use for Trademarks

Apart from the use-cases mentioned above, technology can also help in creating solid evidence of use for trademarks. Such trademarks will help in saving time as well as money in all processes that are associated with renewing and securing a trademark in case of disputes and invalidity actions.

Helps in Anti-counterfeiting

Blockchain can be helpful in combating counterfeiting through authentication of a product along with its personal history. With the help of a Blockchain-supported certification process, each new product is provided with a digital authentication certificate. In addition, it keeps track of all the individuals involved in the process where details of a particular individual item can be verified to confirm its authenticity and its location, authenticating whether the product is genuine or not.

For example, Vacheron Constantin offers a validation mechanism backed by Blockchain whereby a digital identification certificate is issued to each new watch. And every time the watch is serviced or transferred, the records are stored on a public ledger. 

Apart from this, Hugo Boss, LVMH, and many others are utilizing Blockchain technology to ensure the authenticity and traceability of luxury products and track their goods in the supply chain. 

Want to become a Certified Blockchain and Supply Chain Professional? Get started today!

Improve Efficiency and Reduces Operational Costs 

Blockchain improves efficiency by removing intermediaries from the processes due to its decentralized nature. 

By automating the entire processes for fields such as payments, real estate, etc., Blockchain saves the weeks, unlike the traditional process that would take weeks and even months to identify the material origin and supply line. 

Moreover, Blockchain can be considered a way to reduce operating costs by offering improved data processing, supply chain transformation, and decreased counterfeiting risk.

Wrapping Up: The Future of Blockchain

The future of Blockchain is as bright as its fan thinks. Starting from Crypto-enthusiasts to ending with business minds, this technology can be seen as a one-stop solution to many problems. Surveys and headline also reveal that Blockchain developers salaries will go off the charts in the years to come. 

And this is definitely good news for all Blockchain enthusiasts. 

If you are planning to start your Blockchain career, this is the best time to invest your time and upskill. Blockchain certifications offered by Blockchain Council are specially crafted by experts in Blockchain and cover topics from basic concepts to the very core. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How is the Blockchain and Fashion Industry a Perfect Fit?

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Demand Gap for Blockchain Talent Requires Top Rated Education

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Demand-Gap-for-Blockchain-Talent-Requires-Top-Rated-Education

If you are a Blockchain enthusiast, you must be aware about its talent scarcity. In this article, we will explore what are the top-rated educational ways that can help in bridging the gap for Blockchain talent. So let’s get started.

Table of Contents 

  • The Growing Shortage of Blockchain Talent 
  • Blockchain Job Market is Booming 
  • Role of Education in Bridging the Gap
  • Conclusion: Career Building Opportunities with Blockchain Council

The Growing Shortage of Blockchain Talent 

Technology that was once considered to be overhyped is now recognized as a promising innovative technology. Since its introduction into the mainstream with other emerging technologies such as AI, IoT, and others, Blockchain developers and technocrats have found it revolutionary. Although the technology is maturing at a rapid rate, the growing shortage of blockchain professionals is a well-documented concern all around the world.

At present, there has been an unparalleled demand for blockchain developers. Major tech giants, including Google, Microsoft, IBM, and other well-known enterprises and even startups, have started leveraging Blockchain technology, but they are struggling to find sufficient talent. 

Blockchain Job Market is Booming 

The salaries of Blockchain professionals are going off the charts. This is because of the fact that demand is highly outweighing the supply. Currently, Blockchain talents are in demand in the BFSI sector and almost in all sectors of the economy, including government institutions, federal agencies, healthcare, manufacturing, automobile, art and music supply chain, gaming, and much more.

Due to continuous efforts by Blockchain developers and experts, today, Blockchain is a matured technology that offers futuristic career opportunities to all enthusiasts. Compared to other IT professionals such as Machine Learning Experts, AI Developers, Data Scientists, Blockchain Professionals salaries stand out exceptionally well. 

According to job recruitment firm Hired.com, the average blockchain developer salary ranges from $150,000 to $175,000 per year in the US’s hi-tech regions, such as Silicon Valley whereas, Glassdoor reports that the average base salary of a blockchain developer in the US is $91,715/yr. 

Role of Education in Bridging the Gap

Initially, the market for blockchain talent was hampered by a lack of knowledge of the technology and limited resources accessible to professionals. However, this aspect has changed over the last couple of years. Companies that were struggling to find adequate talent have started their own educational programs. In order to cope up with the talent scarcity, online programs, university courses, and workshops are popping up at an exciting rate.

Let’s explore some of the best educational ways.

  • Truffle Suite and Hyperledger Fabric Document 

To educate learners about Blockchain technologies, there are online platforms such as Truffle suite and Hyperledger Fabric. Truffle Suite is an open-source framework that provides an in-depth, in-depth understanding of blockchain platforms, libraries, tools, etc. Similarly, Hyperledger Fabric Documentation offers online documentation that provides numerous tutorials at beginner’s level, covering architecture reference, operational guide, and much more, enabling learners to learn and progress.

  • Blockchain Council Certifications 

Backed by the extensive practical-based sessions, Blockchain Council offers Online training and certifications to aspiring students to render the desired competence to have a successful career in the Blockchain/crypto domain. It imparts most in-demand Blockchain certifications in various Blockchain technologies, including Bitcoin, Ethereum, Hyperledger, Quorum, and Corda. 

  •  In-house and Self-Paced Blockchain Training

Companies are currently looking to integrate blockchain-focused solutions, and for this, they are providing in-house training to build up the skill sets required for their organization. Such training helps employees address specific business needs and provide Blockchain-focused solutions for business growth. 

  • Self-paced training sessions have also started getting public attention because they are convenient, cost-effective, allow better focus, and of course, enhance the learning experience. There are many organizations that are offering Blockchain self-paced training to help the learner understand all the ins and outs of blockchain technology, including smart contract, Blockchain mining, its security and privacy, use-cases across various domains, and much more. 

To explore more about self-paced Blockchain training, checkout Blockchain Council. 

  • Blockchain-Based Communities and Webinars 

For a great initial experience, Blockchain communities and webinars can prove to be beneficial. These can help in providing effective platforms for communication and can even open vast opportunities for earning money. Apart from these, such platforms can facilitate communal support and engagement. For instance, the Blockchain Council Community is delivering education all around the world. Similarly, Cointelegraph, Blockchain News can keep you updated about the Blockchain and Crypto domain. 

Conclusion: Career Building Opportunities with Blockchain Council

As Blockchain is maturing, there’s an extensive professional network to help you become a successful Blockchain Professional. Enrolling in Blockchain Council, a globally recognized online platform, can help you gain in-depth knowledge of functional and technical aspects of Blockchain technology. Blockchain Council Certifications will not only prove to be your competitive advantage; instead, it will help you gain confidence in the quick hire. 

Blockchain Council has proved to be successful in creating a successful future for millions of people all around the world. If you want to give your career a head start, this is a one-stop solution.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Demand Gap for Blockchain Talent Requires Top Rated Education

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Why are Blockchain Professionals Salaries Going off the Charts?

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Wondering why the salaries of Blockchain Developers and Blockchain Architects are soaring? This article will illustrate why Blockchain is the most lucrative profession and will throw light on their salaries patterns.   

Table of Contents 

  • Who is a Blockchain Expert?
  • Blockchain: The Most Lucrative Profession
  • Blockchain Developers Salaries Higher Than Other IT Professions 
  • Future Scope for Blockchain Specialists: Concluding Lines 

Who is a Blockchain Expert?

Guided by the advancement of robust scalability solutions, the exponential growth of Blockchain technology has caught industries and enterprises’ attention worldwide. Blockchain development has made significant progress in the most desired programmer skills, and the expenditure on Blockchain solutions globally is projected to grow from 1.5 billion in 2018 to an expected 15.9 billion by the year 2023.

A Blockchain Expert is a professional who understands Blockchain technology profoundly and can build Blockchain-based applications for businesses. But one has to be incredibly experienced in a single niche to call himself a Blockchain specialist. More so, you will need to have functional and practical knowledge in the Blockchain/Crypto space. 

At present, the demand for Blockchain developers and Blockchain architects are soaring. Before we understand why their salaries are going off the charts, let’s understand who is a Blockchain Architect, and what do they do?

Blockchain Architects offers end-to-end solutions to its customers using Blockchain technology and helps develop an overall Blockchain ecosystem engagement strategy. Experts who understand business components and technical elements of Blockchain architecture are high in demand. 

Blockchain: The Most Lucrative Profession

Many non-technical consumers consider this technology, especially in relation to cryptocurrency, which is not true. Today Blockchain has its scope in almost all industries, and therefore it is becoming impossible to ignore its emergence. Technology is now being seriously considered by tech giants, governments, startups, and even by FDAs, and therefore, they are looking for developers and architects all over the world. According to a study by LinkedIn, it is found that Blockchain tops the list of most in-demand skills for 2020, which indicates the demand for Blockchain professionals is soaring. According to the “Future of Nature and Business” study, “Emerging business opportunities across Blockchain in energy and mining supply chains, manufacturing, and forestry could create over $3.5 trillion worth of annual value and almost 87 million jobs by 2030. 

However, identifying individuals who possess the right skills needed to build Blockchain solutions is proving difficult for organizations of all sizes. 

Blockchain Developers Salaries Higher Than Other IT Professions 

With a limited talent pool, Blockchain professionals are in huge demand. As the Blockchain job market is exploding, industries and enterprises are searching for skilled Blockchain professionals. 

As per Hired, Blockchain experts’ average salary lies between $150,000 and $175,000 per year in the hi-tech regions of the US, such as Silicon Valley, whereas Glassdoor specifies $94,000 as the US national average for a Blockchain Developer. 

Talking about New York City, Glassdoor reports that the average base pay of a Blockchain Software Engineer is $ 97,215 / yr. Senior Blockchain Developers tend to have high packages as compared to entry-level Blockchain developers. According to indeed.com, the average salary of a Senior Blockchain Developer is $126,410 per year. Codementor reports that in freelance markets, the average hourly rate of a Blockchain Developer is around $81-100.  

As we already mentioned, Blockchain Architect is the other most-in profession that recruiters are searching for. According to Glassdoor, the average Blockchain architect salary in the US ranges from $146,258 to $157,987. 

Future Scope for Blockchain Specialists: Concluding Lines 

Blockchain developer jobs are hot right now, and this popularity is expected to grow in the coming years by leaps and bounds. Blockchain technology offers tremendous career opportunities as one can be a Blockchain Developer, Blockchain Architect, Hyperledger Developer, Solidity Developer, Quorum Developer, Corda Developer/Architect, and much more. But remember, the right skills along with certifications, is all you need to get a high paying job. 

Blockchain Council, a globally renowned online training and certification organization in blockchain space, is a one-stop solution if you are wondering about taking your career in the Crypto/Blockchain world. Getting enrolled in Blockchain Council can help you achieve the success that you are looking for. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Why are Blockchain Professionals Salaries Going off the Charts?

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Potential Benefits of Blockchain Technology in Accountancy

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Wondering how Blockchain can revolutionize accounting? You have landed on the right page. This article will talk about Blockchain technology, technologies that make Blockchain possible, and how it can impact the accounting domain. 

So let’s get started with what this technology is all about. 

Table of Contents 

  • What is Blockchain?
  • Technologies That Make Blockchain Possible
  • Blockchain in Accounting Domain 
  • The Verdict 

What is Blockchain?

Blockchain is a Peer-to-Peer(P2P) distributed shared ledger that has characteristics of decentralization, immutability, transparency, security, and privacy. Technology is capable of storing data securely that has useful characteristics, especially for accounting data. 

Rather than acknowledging Blockchain as technology, few assume that it is a tool that has the potential to drive massive economic development. It provides a platform where information can be secured without involving any third-party intermediary. Moreover, it also offers an innovative way to record and share data; thus, it can be applied to any sector of the economy, including accounting and auditing. 

Due to advancements in technology, accounting systems are now pushed from the physical world to the digital one, and Blockchain experts and technocrats believe that this technology will play a crucial role in that transition.


Want to know more about blockchain technology and its use cases across the world? Wait no more. Master the skills and become a Certified Blockchain Expert with Blockchain Council. 

Technologies That Make Blockchain Possible

Before understanding the implications of Blockchain in accountancy, let’s have a quick look at technologies that make this technology possible. 

Peer-to-Peer Network

 In the P2P network, each participant acts as an individual peer, has equal power, and performs the same tasks. In P2P, there is no central authority, and all nodes maintain a copy of the entire ledger every time. This makes it different from the traditional client-server models. 

Public Key Infrastructure(PKI)

For building trust between the participating parties, Blockchain makes use of cryptography. It uses asymmetric encryption to identify parties through digital signatures, along with the integrity of the transactions. With PKI, a pair of public and private keys is generated.

Hash Technology

Blockchain utilizes hash functions that are used throughout the entire process. Such functions ensure that records are not tempered, guaranteeing the integrity of the whole system.

Blockchain in Accounting Domain 

Since Blockchain is capable of recording and storing digital assets in a most secure way, and provides methods of recording cash flows and settling accounts, it is assumed to be a technology that fits perfectly well for accounting purposes. Technology helps in a way that it ensures that all data based on accounting is kept in an immutable and transparent manner on a blockchain network. Moreover, it allows accountants and CPAs to streamline their auditing processes while ensuring that the records are authentic and honest. This makes it different from traditional accounting systems that are prone to fraudulent practices due to human intervention.

Due to this, many powerful companies, technology experts, and end-users, including international accounting firms, have come up and invested in Blockchain. Let’s explore a few more implications.

Fraud/Duplicity Reduction 

Blockchain is known for its security and transparency. It helps in reducing scams and hoax because, in order to make changes in a record, the attacker/modifier has to make changes in all those blocks from where the ledger transaction originated initially.

Benefits of Reconciliation 

With Blockchain, reconciliation( an accounting process) validates that accounts in the shared ledger are consistent and accurate. Smart contract functionalities can lessen accounting pressure and thus prove to be helpful for accountants.

Enhanced Efficiency and Improved Cost Benefits 

Compared to common accounting processes, Blockchain helps in reducing tiresome efforts that are involved in recording and authenticating data, and along with reduced errors, it proves to be beneficial in reducing the cost of performing the same. 

The Verdict 

Accounting is the vehicle for reporting financial information about any organization or business. Incorporating Blockchain in accounting can lead to efficient operations and re-evaluate business models. When it comes to accountancy, it has its use-cases across various domains, including supply chain management, healthcare, automobile, manufacturing, among others. But the most notable issue that persists is the scalability of the Blockchain and whether the scaling cost of Blockchain would be low enough compared to the benefits of adoption.

If you are curious to learn how Blockchain Technology can be applied to various sectors of the economy, you can check out Blockchain Council that offers online training and certification courses, specifically in Blockchain and Crypto space.

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Potential Benefits of Blockchain Technology in Accountancy

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New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

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Curious to know who all new members and Certified Service Providers joined the Hyperledger annual Member Summit? What was the agenda of such a Member Summit? This article will answer all your questions.

Table of Contents

  • Introduction to Hyperledger 
  • Hyperledger Umbrella 
  • What is the Hyperledger Member Summit?
  • New Members Who Became Part of Annual Member Summit 
  • Concluding Lines 

 

 Introduction to Hyperledger 

Hyperledger is an open-source group whose mission is to increase business Blockchains’ adoption through global open source collaboration. It partners with more than 250 member companies, including the global leaders in finance, banking, supply chains, IoT, manufacturing, etc. Launched in 2015 by the Linux Foundation, it aims to develop enterprise-grade and distributed ledger applications to support cross-industry blockchain technologies. Due to its advancements, it has multiple projects under it; however, four are widely used. Even though Hyperledger has advanced a lot already, it is still evolving and maturing enough to draw the attention of businesses interested in creating more affordable and easier blockchain solutions. 

Want to gain in-depth knowledge of Hyperledger Technology and become a Certified Hyperledger Expert? Sign up for Blockchain Council.

Hyperledger Umbrella 

Let’s briefly define all the projects under the Hyperledger community

  • Hyperledger Fabric provides a platform for the development of different products, solutions, and applications based on Blockchain for business use. 
  • Hyperledger Burrow is a permissioned Ethereum smart-contract blockchain node that handles multiple transactions and executes smart contract code on the Ethereum Virtual Machine.
  • Hyperledger Sawtooth is an enterprise-level, permissioned, scalable blockchain platform that uses Proof of Elapsed Time(PoET) consensus mechanism.
  • Hyperledger Besu is an Ethereum client designed to be enterprise-friendly for public and private permissioned networks.
  • Hyperledger Indy is a distributed ledger that supports several tools and libraries for digital identities rooted in blockchains.
  • Hyperledger Aroha works on Linux and Mac OS, with several mobile and desktop libraries and can be used for interbank settlement, healthcare, logistics, etc.

What is the Hyperledger Member Summit?

The Hyperledger Member Summit is held each year, bringing together the Hyperledger group to learn about the latest innovations, share best practices and work together to accelerate rapid progress across the industry. This year it was scheduled on September 10-11, 2020. However, this time the Hyperledger community announced that Member Summit took place in a virtual format to meet wider audiences.

New Members Who Became Part of Annual Member Summit 

As the Hyperledger group welcomes the virtual Member Summit’s new participants and certified service providers, it showcases eight new members and seven firms that have been Hyperledger Certified Service Providers (HCSPs). 

Eight new organizations have joined for the annual member summit, including Chainstack, SIMBA 

Chain, SIX Digital Exchange, and Visa, to engage with Hyperledger ‘s global group. 

To become a Hyperledger Certified Service Provider (HCSP), the training criteria were successfully completed by various companies, including Creativehill, DeepDive Technology Group, NEC, SAP, SwissCom, Tech Mahindra, and Tencent. 

Behlendorf, Executive Director, Hyperledger, believes that Member Summit is crucial for grounding points for our community. In his words, 

“The pace of adoption for enterprise blockchain is accelerating, and our members are a driving force for critical new technologies and solutions. Our latest members will be important new voices as we set agendas and roadmaps that will keep us pushing this market forward in the year ahead.”

Chainstack Chainstack aims to make launching and scaling of decentralized networks and applications easy. On any cloud, it offers enterprise-grade, managed blockchain services, and aims to offer scalability, flexibility, and transparency.

Creativehill aims at building fintech solutions to find new opportunities in digital finance systems. It aims at building permissioned blockchain systems and offers consultation to those fields where Blockchain can be applied.

DeepDive Technology Group aims at building intuitive and complex blockchain solutions and believes that the Hyperledger community plays a leading role in the advancement of enterprise blockchain. 

EMURGO is a multinational blockchain technology company providing solutions for developers, startups, enterprises, and governments. It aims at developing Blockchain and smart contracts solutions for organizations of all sizes. 

SIMBA Chain is a cloud-based, smart-contract-as-a-service network that enables users to deploy globally accessible decentralized apps (dApps). Such apps allow safe, direct links between users and suppliers, removing third-party intermediaries.

Apart from these, SIX Digital Exchange and Valid Network were also a part of the Member Summit 2020.

The Verdict

Hyperledger provides technological and business governance-supported community-driven infrastructure that aims at building enterprise-grade, open-source, distributed ledger systems, and codebases to facilitate business transactions. The Hyperledger community trains the public about the market opportunity that technology holds. Due to its flexibility, scalability, and security, Hyperledger certifications have gained a lot of public attention. If you want to become a Certified Hyperledger Expert, you can sign up to Blockchain Council!

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

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Global Spending on Blockchain Solutions will Reach Newer Heights

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You must have heard a lot about Blockchain Technology and its various use cases. In this article, we will throw light on global spending on Blockchain applications, as suggested by IDC Spending Guide, especially in the banking and manufacturing domain. We will delve deeper into how this technology is transforming both these sectors. 

Table of Contents 

  • Basics of Blockchain Technology
  • New IDC Spending Guide Sees Robust Growth in Blockchain Space
  • Blockchain- A Perfect Fit for Banking and Manufacturing 
  • Concluding Lines 

 Basics of Blockchain Technology

Blockchain is a Peer-to-Peer decentralized distributed ledger technology that mitigates the third party involvement. The groundbreaking features of Blockchain technology such as decentralization, transparency, immutability, security, automation are generating a variety of use cases worldwide. Tech giants, top financial institutions, governments, and conglomerates are now seeing and utilizing the advantages of Blockchain-based technologies for various purposes. Everybody can imagine a world of Blockchain in which contracts are encoded in digital code and stored in a permanent and transparent way, where they are secured from any kind of data manipulation.

Blockchain Developers and Experts claim it’s a fundamental technology that can create new foundations for our economic and social structures.

New IDC Spending Guide Sees Robust Growth in Blockchain Space

The IDC Worldwide Blockchain Spending Guide offers a detailed analysis of the Blockchain ecosystem and acts as a basis for how IDC organizes its studies and predictions on Blockchain technology. According to IDC, global investment on Blockchain applications this year will hit $4.1 billion, a rise of more than 50 percent relative to the previous year. The Worldwide Blockchain Spending Guide predicts a five-year CAGR of 46.9%, hitting a record of approximately $17.9 billion by 2024.
Finance will be the highest investment, at 29.7%, followed by process manufacturing (11.4%) and discrete manufacturing (10.9%). The report also mentioned that Professional services scored 6.6.%, whereas Retail services ranked 6%. The report suggests that the banking sector (which is predicted to be 29.7%) will alone account for more than one-third of Blockchain spending. 

In 2020, the US is expected to be the largest regional Blockchain investment market at $1.6bn, followed by Western Europe and China. 

James Wester, IDC Research Director for Global Blockchain Strategies, believes that challenges posed by the Covid-19 outbreak in the global economy and the attempts to curb it have forced almost all businesses, markets, and sectors to re-evaluate core processes. In his words, 

“This has accelerated interest and investment in digital transformation, which includes Blockchain and distributed ledger technology.”

Blockchain- A Perfect Fit for Banking and Manufacturing 

As we have already seen, finance will be the highest investment, followed by the manufacturing sector. Let’s explore how Blockchain benefits both these domains.  

Blockchain and Banking 

Much of the financial services industry has made major investments in a variety of services and applications due to weaknesses in network maintenance and breaches in security. Blockchain ledgers have revolutionary advantages over conventional methods that promote bilateral settlement by removing intermediaries’ failures, collateral costs, delays, reducing credit risks, speeding up transaction execution, and improving operational transparency, among others.

The banking sector has traditionally faced several problems with the recoverability of bank loans. Blockchain can be seen as an innovation tech where all transactions are registered in a block right from the disbursement until its end-use. 

In the conventional system, domestic payments take minutes hours, and the process for cross-border payments takes several days. Inadequate infrastructure often poses security issues when creating a foreign transfer, and therefore these transfers are vulnerable to cyber-attacks, which can disrupt transmission. Blockchain technology also enables payment processes, reducing human blunder, running costs, and fraud. Technology also helps financial institutions like banks to get rid of all payment service intermediaries, which decreases the costs of managing customer and bank payments.

Blockchain and Manufacturing 

Blockchain is helpful in manufacturing in supply chain management. Manufacturers have set their sights on the Blockchain to mitigate instability in the supply chain and quench their supply chain-related unease. Companies are focusing on perfecting processes, in which all supply chain members connect to and maintain a single record. These systems enable manufacturers to minimize product losses and provide specific provenance indicators to those who move the finished product along.

There’s another problem when it comes to manufacturing: it’s not resistant to security breaches, which can take many forms. Private, company confidential details and user credentials are the most popular types of data stolen from manufacturers. However, Blockchain allows all participants in a network to authorize data entry and then change the ledger. It spreads the possible vulnerabilities across the entire network from one single access point. Since manufacturing needs constant contact between suppliers and a single data breach could disrupt each party’s operations, this level of protection could prevent fraud resulting in both minor and cataclysmic failures of the systems.

Concluding Lines 

Blockchain’s future is near, and banking is not the only sector that has been affected. Tech giants and enterprises have understood the capabilities of this technology and started utilizing it for streamlining their operations. Its decentralized nature, transparency, and immutability can be applied to various industries, creating a multitude of use cases. 

As the Blockchain space is booming, if you are interested in learning blockchain technologies and want to become a Certified Blockchain Developer, get enrolled in Blockchain Council.

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Global Spending on Blockchain Solutions will Reach Newer Heights

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